MTN Group has reported an after-tax loss of R11.2 billion for 2024, marking a significant decline from the R4 billion profit recorded in 2023. The telecommunications giant attributed the downturn to foreign exchange devaluation, particularly of the Nigerian naira, and the ongoing conflict in Sudan.
The financial strain was most pronounced in MTN Nigeria, where revenue dropped by 44.8% in 2024. On a reported basis, the company generated R33 billion less revenue compared to the previous year. However, in constant currency terms, Nigeria’s revenue saw a 35.6% increase.
Group service revenue fell by 15.4%, from R210 billion in 2023 to R178 billion in 2024. When adjusted for currency fluctuations, service revenue showed a 13.8% increase. Data revenue experienced a 12.3% decline on a reported basis but rose by 21.9% in constant currency terms.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) fell by 33.5% in reported terms but increased by 10.2% in constant currency, reaching R70.1 billion. The EBITDA margin declined by 8.9 percentage points to 32.0% in reported figures and by 0.8 percentage points to 38.2% in constant currency.
MTN South Africa recorded a 3.1% revenue growth, rising from just under R42 billion in 2023 to over R43 billion in 2024. While outgoing voice revenue dropped by 5.5%, data revenue increased by 2.9%.
The company acknowledged a challenging macroeconomic environment, citing high interest rates and subdued economic growth. However, it noted that easing inflation and the introduction of South Africa’s two-pot retirement system had provided consumers with some financial relief.
MTN also reported heightened competition in South Africa’s telecom sector, adding further pressure to its operations.
| Measure | 2023 | 2024 | Change |
|---|---|---|---|
| Revenue | R210 billion | R178 billion | -15.40% |
| Profit/(Loss) after tax | R4.0 billion | -R11.2 billion | -379% |
| Basic earnings per share (cents) | 227 | -531 | -334% |
